3M Company (MMM) Earns “Hold” Rating from Royal Bank Of Canada
Royal Bank Of Canada restated their hold rating on shares of 3M Company (NYSE:MMM) in a research report sent to investors on Friday. Royal Bank Of Canada currently has a $209.00 target price on the conglomerate’s stock.
Several other analysts also recently issued reports on the company. Bank of America Corporation restated a buy rating and issued a $227.00 price target on shares of 3M in a research note on Thursday, September 14th. Jefferies Group LLC restated a buy rating and issued a $234.00 price target on shares of 3M in a research note on Wednesday, August 16th. Stifel Nicolaus restated a hold rating and issued a $210.00 price target on shares of 3M in a research note on Friday, July 28th. Zacks Investment Research downgraded 3M from a buy rating to a hold rating in a research note on Thursday, July 27th. Finally, Citigroup Inc. reduced their price target on 3M from $230.00 to $228.00 and set a buy rating for the company in a research note on Wednesday, July 26th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $207.93.
3M (NYSE:MMM) opened at 213.76 on Friday. 3M has a 12 month low of $163.85 and a 12 month high of $214.57. The company has a 50-day moving average price of $205.81 and a 200 day moving average price of $201.24. The company has a market capitalization of $127.56 billion, a PE ratio of 24.38 and a beta of 1.08.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by ($0.01). The firm had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm earned $2.08 earnings per share. On average, equities research analysts forecast that 3M will post $8.94 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th were given a dividend of $1.175 per share. The ex-dividend date of this dividend was Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.20%. 3M’s payout ratio is 53.59%.
In other news, insider Paul A. Keel sold 4,965 shares of the company’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the completion of the sale, the insider now directly owns 5,503 shares in the company, valued at approximately $1,134,498.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Eric D. Hammes sold 1,428 shares of the company’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.66, for a total value of $295,110.48. Following the sale, the vice president now owns 3,066 shares of the company’s stock, valued at $633,619.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,112 shares of company stock valued at $1,878,890. Corporate insiders own 0.58% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. American Century Companies Inc. raised its holdings in shares of 3M by 37.1% during the 1st quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock worth $602,358,000 after buying an additional 852,262 shares in the last quarter. Karp Capital Management Corp raised its holdings in shares of 3M by 16,353.8% during the 1st quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock worth $94,947,000 after buying an additional 493,230 shares in the last quarter. Swiss National Bank raised its holdings in shares of 3M by 26.6% during the 1st quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock worth $407,782,000 after buying an additional 447,900 shares in the last quarter. Capital Research Global Investors acquired a new position in shares of 3M during the 2nd quarter worth $89,237,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of 3M by 4.6% during the 1st quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock worth $1,309,651,000 after buying an additional 300,345 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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